Time to Move? Expensive States to Own a Car
Posted on July 21, 2010
Filed Under Fuel Economy, Vehicle Ownership
According to a recent study by Forbes, the state you live in greatly affects what it costs to purchase, maintain, and own your vehicle. A VW Dealer in California is going to charge more than one in South Dakota. A truck from Ford Knoxville is going to be comparable to a similar truck you would get at Chevy Bradenton, but when you look at insurance costs for different states and where the vehicles were purchased from, the numbers could begin to vary greatly.
Edmunds describes these price differences as the TCO, or True Cost to Own. They factor their numbers based on the additional costs of car ownership as well as value depreciation. Things held constant are owning the vehicle for five years, driving 15,000 miles per year, financed with 10% down, gold credit, and 60 month term loan.
West Virginia comes in as the 5th most expensive place to own a vehicle. Edmunds estimated you will spend $5,627 on financing, $13,799 on fuel, and experience $18,185 worth of depreciation! Total TCO is $57,532. Nevada is the 4th priciest, with a five year TCO of $57,763. Financing will run about $6,110, insurance around $10,616, and a hefty $4,036 on taxes and fees. Alaska is the 3rd most expensive, and your taxes and fees are only $538! None of the other numbers are too large compared to the other top pricey cars, they are just equally elevated. Your TCO for Alaska comes in at $58,052.
California, not surprisingly, is the 2nd highest price state to own a vehicle. The TCO for five years is $59,347 and you will spend approximately $14,280. Insurance is practically double the rest of the states and will cost you $11,670. Hawaii is the most expensive place to own a vehicle. The TCO is $59,457. Your finance fee is around $6,000, your fuel around $14,000, but insurance costs of $12,744 is where you will feel the financial tug the greatest.
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